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Ethereum’s co-founder Vitalik Buterin on Saturday stated the Ethereum transition from proof-of-work (PoW) to proof-of-stake (PoS) is unlikely to be affected by miners shifting to Ethereum Classic.

Buterin reaffirms his help for the Ethereum Classic chain saying miners can proceed mining Ethereum tokens after the Ethereum Merge. The value of ETC jumped over 6% in consequence.

Vitalik Buterin Believes Miners Can Move to Ethereum Classic Post Merge

Ethereum co-founder Vitalik Buterin in a closed press convention throughout South Korea Blockchain Week stated the Merge is unlikely to be impacted if miners mine tokens on the Ethereum Classic blockchain, reported Bloomberg on August 6.

The Merge will make miners out of date, probably impacting over 1 million folks globally. Miners and customers who consider in proof-of-work (PoW) can use the Classic blockchain. In truth, miners will likely shift to Ethereum Classic (ETC) post-Merge, as their income are already impacted after the crypto crash.

“I don’t expect Ethereum to really be significantly harmed by another fork. In general my impression from pretty much everyone I talk to in Ethereum ecosystem, they have been completely supportive of the proof-of-stake effort and the ecosystem has been quite united around it.”

He additionally criticized folks and crypto exchanges akin to Tron’s founder Justin Sun, Poloniex, and Huobi for supporting the EthereumPoW (ETHPoW) arduous fork of Ethereum. He stated they’re “simply trying to make a quick buck.” Vitalik believes there will probably be issues with the fork, and the “people responsible must mitigate those problems.”

The Merge will be influential for the neighborhood. Moreover, ZK-Rollups will possible be Ethereum’s high Layer 2 scaling answer. Vitalik Buterin says he doesn’t need folks to lose cash as a consequence of Ethereum’s transition to PoS.

“I hope that whatever happens, doesn’t lead to people losing money. Hope for the best.”

ETC Prices Rally Higher Amid Support

The Ethereum Classic (ETC) value has rallied considerably since Vitalik Buterin and AntPool supported the PoW blockchain. The Ethereum Classic costs have jumped over 200% in only a month, from $14 to over $44.

In the final 24 hours, the ETC value has soared over 8%, with the present value buying and selling at $38.14. Meanwhile, Ethereum’s (ETH) value is buying and selling at $1,713, up over 3%.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is at the moment protecting all the most recent updates and developments within the crypto trade.

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